TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

I have over 20 years’ experience investing in the TMT and Consumer sectors, almost entirely on the buyside. Started at Bernstein covering software in 2001, moved to the buyside at Government of Singapore Investment Corporation (GIC) in 2003, covering hardware, software, and media. 

After getting an MBA at NYU in 2008 and a CFA, I spent 8 years at Coburn Ventures (a market neutral TMT/Consumer hedge fund). In 2015, I joined Deimos Asset Management, a low net multi-strat, where I managed a  TMT/Consumer portfolio.

I've spent the past few years at Obex Capital Management providing independent investment research to TMT and Consumer investors.

TMT & Consumer Independent Equity Research Analyst

Snowflake FY2Q23 Earnings: High in the Hierarchy of Needs

Snowflake FY3Q23 Earnings: Stabilizing Growth in FY2024

Snowflake 2Q22 Earnings: Stay Tuned to Analyst Day

Snowflake 4Q22 Earnings: What a Buying Opportunity

Snowflake 3Q22 Earnings: The Abominable Snowman

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>Ignore the slight macro weakness from consumer facing internet companies in April. It is irrelevant for the LT model. </li>
<li>Snowflake upped its LT (FY2029) targets: $10B in revenues, growing 30%, 78% product margins, 20% operating margins, and 25% adjusted FCF margins.</li>
<li>At 12x forward revenues, Snowflake's valuation is...dare we say... cheap?</li>
</ul>


Ignore the slight macro weakness from consumer facing internet companies in April. It is irrelevant for the LT model. 
Snowflake upped its LT (FY2029) targets: $10B in revenues, growing 30%, 78% product margins, 20% operating margins, and 25% adjusted FCF margins.
At 12x forward revenues, Snowflake's valuation is...dare we say... cheap?


Snowflake

Snowflake 1Q22 Earnings: 2029 Looks Good